Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities    
Net loss $ (20,324,648) $ (10,884,058)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation
Shares issued for services 2,148,889
Amortization of stock options 2,852,309 1,118,286
Amortization of debt discount 356,179
Depreciation and amortization 109,947 125,333
Bad debt expense (recovery) - related parties 300,000 (1,699,825)
Gain on exchange rate transactions 4,760
Interest capitalized to debt principal 396,535
Gain on settlement of liabilities, net (926,829) (25,643)
Loss on extinguishment of convertible note payable 9,737 2,580,655
Deferred tax benefit (24,803) (20,427)
Offering costs allocated to warrant liabilities 604,118
Loss on sale/disposal of property and equipment 37,174
Change in fair value of derivative liabilities 4,677,388 1,816,309
Change in fair value of accrued issuable equity 9,405 (9,405)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,377,247) (210,195)
Due from related parties (217,939)
Accounts payable (5,730,537) 2,226,814
Accrued expenses (1,646,657) 533,486
Accrued issuable equity (52,500)
Total adjustments 953,220 7,012,097
Net Cash Used In Operating Activities (19,371,428) (3,871,961)
Cash Flows From Investing Activities    
Cash withdrawn from Trust Account 10,280,739
Cash acquired in reverse merger 3,006,235
Proceeds from repayment of notes receivable 1,203,750
Net Cash Provided by Investing Activities 14,490,724
Cash Flows From Financing Activities    
Proceeds from sale of common stock and warrants 26,666,200 72,500
Offering costs in connection with sale of common stock and warrants (2,055,130)
Repayment of advances from related party (201,859)
Repayment of convertible debt (10,000)
Repayment of loans payable (807,594) (72,843)
Payment of common stock redemptions payable (9,006,493)
Proceeds from loans payable 1,618,443 275,049
Proceeds from convertible notes payable 82,500
Proceeds from Paycheck Protection Program Loan 53,051
Proceeds from Bounce Back Scheme Loan 64,168
Net Cash Provided By (Used In) Financing Activities 25,411,919 (8,733,927)
Effect of Exchange Rate Changes on Cash 75,473 140,311
Net Increase In Cash 6,115,964 2,025,147
Cash - Beginning of Period 2,108,544 83,397
Cash - End of Period 8,224,508 2,108,544
Supplemental Disclosures of Cash Flow Information:    
Cash paid during the period for income taxes
Cash paid during the period for interest 35,351
Non-cash investing and financing activities:    
Common stock issued upon conversion of KBL debt 1,931,388
Common stock issued upon conversion of 180 debt 432,383
Common stock issued in connection with repayment of related party loans and convertible notes 851,112
Shares and warrants issued for Alpha Settlement 1,013,331
Exchange of common stock equivalents for common stock 146
Shares issued to settle accounts payable 1,750,000
Reclassification of accrued issuable equity 43,095  
Recognition of beneficial conversion feature as loss on extinguishment of convertible note principal 329,300
Redemption premium and restructuring fee recognized as an increase in convertible note principal 557,436
Conversion of notes payable and accrued interest into common stock 6,282,303
Deemed dividend - Conversion of Series A Convertible Preferred Stock into common stock 4,349,035
Deemed dividend - Extinguishment on Series A Convertible Preferred stock 565,659
Deemed dividend - Make-whole dividend on conversion of Series A Convertible preferred stock 333,333
Deemed dividend - Beneficial conversion feature on Series A Convertible Preferred Stock 223,710
Net non-cash liabilities assumed in Business Combination 11,866,515
Financing of D&O insurance premium $ 728,437